Paratek Pharma is acquired by Gurney Point and Novo Holdings A/S
Paratek Pharmaceuticals, Inc. a commercial-stage biopharmaceutical company focused on the development and commercialization of novel therapies for life-threatening diseases and other public health threats, announced it has entered into a definitive agreement to be acquired by Gurnet Point Capital and Novo Holdings A/S in a transaction valued at approximately $462 million, including the assumption of debt and assuming full payment of a Contingent Value Right (CVR)
Debt financing of $175 million for this transaction will be provided by funds managed by Oaktree Capital Management, L.P. Under the terms of the merger agreement, Gurnet Point, a leading healthcare investment firm, and Novo Holdings, a holding and investment company responsible for managing the assets and wealth of the Novo Nordisk Foundation, will acquire all outstanding shares of Paratek for $2.15 per share in cash, plus a CVR of $0.85 per share payable upon the achievement of $320 million in U.S. Nuzyra net sales (excluding certain permitted deductions, payments under Paratek's contract with ASPR-BARDA, certain government payments and certain royalty revenue) in any calendar year ending on or prior to December 31, 2026. The upfront payment at closing represents a premium of 41% over the closing price of Paratek's common stock as of May 31, 2023, which was the last full trading day prior to market speculation regarding a potential sale of the company.
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